The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-06-16
THE SMASH IN$WHEAT.
- ~ q 1--T- ~ ~ = -T---
ANOTHER DAY OF EXCITEMENT
On Chicago 'Chnnge.When Korshaw thought
lIe was Safe he was 0a,wis.ed By Koseu.
field, and was Compelled to suspend.
Tho Coffee Market has Recovered.

laat night that a disastrous and irreslstble
panic that would sweep away prices,
and was only to be avsrted to-day by O.
J. Kershaw & Go. standing up and paying
all tho demands that would be made
agalnst them. Last night the firm was
out Of money, with demands for quarter
Of q million OF dollars, It was, therefore,
a grateful sound to the street when Ker.
shaw ats o'clock hurried into his office
aud announced that he had money enough
in bank at that hour to pay all that he
owed and to margin his trades down TO
the market and below 1t. Kershaw, when
he made the announcement, believed he
was promising Just what he could fulfill.
Even this did not prove that he could full.
Ill them, however. He had Just hurried
from the American Exchange National
Bank, where he held since o'clock a con.
ference with his partner, Presidont Ir.
win, and with Wiltshire, Of Cincinnati,
and when 5000, 1000 had been placed to his
credit, kershaw felt as II the day was
saved, and go did the street. N sI
Immediately after the opening OF the
Board OF Trado the Secretary rsppsd for
silence, which was difficult thing 10 oh.
tain, but when 1t finally prevailed, he
read the following from Kershaw 4 90. |;
"GRNTLEMEN:-We are prepared to pay
all our clearing house differences, and to
margin below the market. s2'f - Ilg
T.. .AFAt11uH' Ht.I4I H. Il Krpuu g ~ "
A yell Of delight broke out at this, and the
galleries, which were lcrowded to sufioca.
tion by ladies, responded by the waving
Of handkeYchieis. S 3t y ~ "
As II o'clock approached the crowd
knew that the most dangerous moment Of
the day was at hand. The clearing sheets
needed to be In, and the difference OF the
day before called. Immediately after Ii
O'Clock there was au announcement Of
another batch OF suspensions. This time
they were T. E. Batting & Co., Crosby &
& 90. and Pickering & Go. Then at 1880
o'clock came tho announcement OF the
Suspension Of NJ. B. Craft & 90. and NJ,
s. Robinson & Go. ii5z G%a.I
'9i ~. A SLICK TRICK. iglg = !
/. The crowd thought thst the crisis wss
passed. At II o'clock when the clearing
sheets were in, there WAS another dis
appointment, g. J. Kershaw & Co.'s ac-
count at the American Exchange Bank,
amounting to $780, had been gar.
nisheed at 10 A. NJ. by Rosenfeld {; Co.
The latter learning that Wiltahire, OF Gin
cinnati, was in the city, and that be had
taken care OF Kershaw & Co., while be
had allowed them to go to the wall, hur.
ried to their lawyer, and garnishee papers
were at once procured and the money to
kerahaw 4 Co.'s credit at the American
Exchange Bank was attached. This oc.
Cured while all at the Board Of Trade
were in fancied security. It was not unit!
kershaw's partner, De War, who had
taken check for $500, ,0o0for certification,
failed to return, that there IVES any ink
ling Of the trouble. At noon the checks
had not returned and there was conaterna.
ton. It leaked out on the floor and July
wheat dropped to 7Olc, and trading was
suspended. The hands Of the clock passed
the noon and Kershaw's check had not
arrived. Contrary to the rule the clearing
hour was extended five minutee, still no
certified check. Then the official an
nouncsment was issued that Kershaw 4
Go. had failed to go through. The Presi.
dent Of the Board directed that the au-
nouncement be not made from the gallery.
THE PANIC INCREASED.
1t simply Increased tho panic. After it
was definitely known taat Kershaw & Go.
had not gone through the clearing house,
and that their bank account was held up
there was less depression than while it
was awaited the news. The cause Of Kor-
shaw's trouble was known, and the crowd
felt that kershaw with $500, 1000 in The
bank, even ii garnisheed, was better
creditor than without that 100000 which
Wiltshire had bought. 4 Besldea the buy
ing by the big men, who had their inter.
ests imperiled by q panic, turned the
market up from 70, which was the bottom
price. July sold up to 72 cents between
u and l o'clock. During the noon recsss
another light change occurred. Previous
to the adjournment q member OF the firm
Of Roeenteld 4 Go. had stated that he had
authorized his attorney to attach or gar
nishee the $500, 900 in question. A mem
Der Of the firm Of Kershaw 4 Co. stated
that the money had been solicited and
that the sum was between $7O0, 900 and
$500, ,000.. About the.same time Rosenfeld
4 Go. denied that they had garnisheed
Kershaw's deposit. Evidently the nice
distinCtion made is that they elect to call
itclique money, aud not kershaw's. On
the afternoon board there was Gu even
better feeling. Kershaw Il Go. sent the
following communication:
WILL PAT UP TO-DAY. =
4 GEErLEMRN:-We are all tied up, hut
are solvent, and can pay out in full if the
market goes no lover than it has up to
this noon. We expect to extricate our
eelyes and pay in full tomorrow morning.
si lt f3sj @. j. kgRsHAw & Go. y
Frank Johnson, OF the failed firm OF
Maurice Rosenield 4 Co., said to-day that
the firm could not tell Just how 1t stood.
Many Of their trades were With the other
CLIQUE houees, SO that their, clique clients
we're both their debtors and creditors He
also says thatif the clique atood by Ker.
shaw 1t would also have to ntsnd by his
firm. Wiltshire, its representative. was
In town and they were sparing no effort to
pet Of him and bring him to time. They
had tho detective on his trail and intended
to hold him and hia colleagues up to their
promises. THE failure Of Charles Hewitt
tin, q prominent stock broker and mem.
ber OF the New York Stock Exchange,
and for many years the Belgian Consul in
Chicsgo, was great surprise, and added
to the uneasiness. Just whst his llahili-
ties and assets are can't be told until the
balance sheet is made up. N its5. lEyEi
h A SUIT FOR A MILLION.
n In the Circuit Court to-day suit was
commenced by tho failure Of Rosenield
& Co., against Wiltshire & Co., Of Gin:
ciunati, for sl,0OO,0Oo. "a deputy sheriff
secured service during the afternoon on
iil;ltah;r ;ra " hila tha lRttar Xaa engaged In